Indicator notes

High-yield bond market stress on April 25, 2025: 73.2 out of 100, in the “High pressure” zone. The previous reading, on April 24, 2025, was 75.3 (“Extreme pressure”): the indicator fell by 2.1 points and crossed the 75 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. Before that the indicator had stayed in the “Extreme pressure” zone for 11 trading days in a row. Biggest component moves: “Price lag behind the market” at 68.9 versus 73.0 and “Yield spread over government bonds” at 77.5 versus 77.7. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on April 10, 2025: 75.9 out of 100, in the “Extreme pressure” zone. The previous reading, on April 9, 2025, was 72.2 (“High pressure”): the indicator rose by 3.7 points and crossed the 75 boundary. The “Extreme pressure” zone covers readings from 75 to 100: stress in the high-yield bond market is close to the highest in its history. Before that the indicator had stayed in the “High pressure” zone for 4 trading days in a row. Biggest component moves: “Price lag behind the market” at 69.0 versus 61.4 and “Yield spread over government bonds” at 82.8 versus 83.0. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on April 4, 2025: 57.3 out of 100, in the “High pressure” zone. The previous reading, on April 3, 2025, was 54.5 (“Moderate pressure”): the indicator rose by 2.8 points and crossed the 55 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. Before that the indicator had stayed in the “Moderate pressure” zone for 4 trading days in a row. Biggest component moves: “Price lag behind the market” at 32.1 versus 27.5 and “Yield spread over government bonds” at 82.4 versus 81.4. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on March 31, 2025: 49.8 out of 100, in the “Moderate pressure” zone. The previous reading, on March 28, 2025, was 57.6 (“High pressure”): the indicator fell by 7.8 points and crossed the 55 boundary. The “Moderate pressure” zone covers readings from 45 to 55: stress in the high-yield bond market is close to what is usual for its history. The indicator spent a single trading day in the “High pressure” zone. Biggest component moves: “Price lag behind the market” at 17.4 versus 33.7 and “Yield spread over government bonds” at 82.2 versus 81.4. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on March 28, 2025: 57.6 out of 100, in the “High pressure” zone. The previous reading, on March 27, 2025, was 76.6 (“Extreme pressure”): the indicator fell sharply by 19.0 points and crossed the 75 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. Before that the indicator had stayed in the “Extreme pressure” zone for 5 trading days in a row. Biggest component moves: “Price lag behind the market” at 33.7 versus 72.8 and “Yield spread over government bonds” at 81.4 versus 80.5. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on March 21, 2025: 75.1 out of 100, in the “Extreme pressure” zone. The previous reading, on March 20, 2025, was 73.8 (“High pressure”): the indicator rose slightly by 1.3 points and crossed the 75 boundary. The “Extreme pressure” zone covers readings from 75 to 100: stress in the high-yield bond market is close to the highest in its history. Before that the indicator had stayed in the “High pressure” zone for 5 trading days in a row. Biggest component moves: “Price lag behind the market” at 68.7 versus 65.3 and “Yield spread over government bonds” at 81.6 versus 82.4. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on March 14, 2025: 73.4 out of 100, in the “High pressure” zone. The previous reading, on March 13, 2025, was 75.7 (“Extreme pressure”): the indicator fell by 2.3 points and crossed the 75 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. Before that the indicator had stayed in the “Extreme pressure” zone for 5 trading days in a row. Biggest component moves: “Price lag behind the market” at 65.4 versus 69.9 and “Yield spread over government bonds” at 81.5 versus 81.4. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on March 7, 2025: 75.2 out of 100, in the “Extreme pressure” zone. The previous reading, on March 6, 2025, was 72.3 (“High pressure”): the indicator rose by 2.9 points and crossed the 75 boundary. The “Extreme pressure” zone covers readings from 75 to 100: stress in the high-yield bond market is close to the highest in its history. Before that the indicator had stayed in the “High pressure” zone for 6 trading days in a row. Biggest component moves: “Price lag behind the market” at 69.2 versus 63.3 and “Yield spread over government bonds” at 81.1 versus 81.2. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on February 27, 2025: 73.8 out of 100, in the “High pressure” zone. The previous reading, on February 26, 2025, was 75.9 (“Extreme pressure”): the indicator fell by 2.1 points and crossed the 75 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. Before that the indicator had stayed in the “Extreme pressure” zone for 6 trading days in a row. Biggest component moves: “Price lag behind the market” at 58.3 versus 63.8 and “Yield spread over government bonds” at 89.2 versus 88.0. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on February 19, 2025: 75.1 out of 100, in the “Extreme pressure” zone. The previous reading, on February 18, 2025, was 72.5 (“High pressure”): the indicator rose by 2.6 points and crossed the 75 boundary. The “Extreme pressure” zone covers readings from 75 to 100: stress in the high-yield bond market is close to the highest in its history. The indicator spent a single trading day in the “High pressure” zone. Biggest component moves: “Price lag behind the market” at 66.0 versus 60.1 and “Yield spread over government bonds” at 84.1 versus 84.9. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on February 18, 2025: 72.5 out of 100, in the “High pressure” zone. The previous reading, on February 17, 2025, was 77.7 (“Extreme pressure”): the indicator fell by 5.2 points and crossed the 75 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. Before that the indicator had stayed in the “Extreme pressure” zone for 173 trading days in a row. Biggest component moves: “Price lag behind the market” at 60.1 versus 68.8 and “Yield spread over government bonds” at 84.9 versus 86.6. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on June 17, 2024: 82.0 out of 100, in the “Extreme pressure” zone. The previous reading, on June 14, 2024, was 72.5 (“High pressure”): the indicator rose by 9.5 points and crossed the 75 boundary. The “Extreme pressure” zone covers readings from 75 to 100: stress in the high-yield bond market is close to the highest in its history. Before that the indicator had stayed in the “High pressure” zone for 8 trading days in a row. Biggest component moves: “Price lag behind the market” at 66.8 versus 52.1 and “Yield spread over government bonds” at 97.2 versus 92.8. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on June 4, 2024: 74.7 out of 100, in the “High pressure” zone. The previous reading, on June 3, 2024, was 77.1 (“Extreme pressure”): the indicator fell by 2.4 points and crossed the 75 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. The indicator spent a single trading day in the “Extreme pressure” zone. The component that moved most: “Price lag behind the market” at 51.3 versus 56.1. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on June 3, 2024: 77.1 out of 100, in the “Extreme pressure” zone. The previous reading, on May 31, 2024, was 74.4 (“High pressure”): the indicator rose by 2.7 points and crossed the 75 boundary. The “Extreme pressure” zone covers readings from 75 to 100: stress in the high-yield bond market is close to the highest in its history. The indicator spent a single trading day in the “High pressure” zone. Biggest component moves: “Price lag behind the market” at 56.1 versus 52.4 and “Yield spread over government bonds” at 98.2 versus 96.5. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 31, 2024: 74.4 out of 100, in the “High pressure” zone. The previous reading, on May 30, 2024, was 75.2 (“Extreme pressure”): the indicator fell slightly by 0.8 points and crossed the 75 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. The indicator spent a single trading day in the “Extreme pressure” zone. Biggest component moves: “Yield spread over government bonds” at 96.5 versus 98.1 and “Price lag behind the market” at 52.4 versus 52.3. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 30, 2024: 75.2 out of 100, in the “Extreme pressure” zone. The previous reading, on May 29, 2024, was 74.2 (“High pressure”): the indicator rose slightly by 1.0 point and crossed the 75 boundary. The “Extreme pressure” zone covers readings from 75 to 100: stress in the high-yield bond market is close to the highest in its history. Before that the indicator had stayed in the “High pressure” zone for 3 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 98.1 versus 96.8 and “Price lag behind the market” at 52.3 versus 51.7. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 27, 2024: 71.2 out of 100, in the “High pressure” zone. The previous reading, on May 24, 2024, was 52.9 (“Moderate pressure”): the indicator rose sharply by 18.3 points and crossed the 55 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. The indicator spent a single trading day in the “Moderate pressure” zone. Biggest component moves: “Yield spread over government bonds” at 90.1 versus 55.1 and “Price lag behind the market” at 52.3 versus 50.6. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 24, 2024: 52.9 out of 100, in the “Moderate pressure” zone. The previous reading, on May 23, 2024, was 60.7 (“High pressure”): the indicator fell by 7.8 points and crossed the 55 boundary. The “Moderate pressure” zone covers readings from 45 to 55: stress in the high-yield bond market is close to what is usual for its history. Before that the indicator had stayed in the “High pressure” zone for 6 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 55.1 versus 64.4 and “Price lag behind the market” at 50.6 versus 57.0. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 23, 2024: 60.7 out of 100, in the “High pressure” zone. The previous reading, on May 22, 2024, was 74.9: the indicator fell sharply by 14.2 points. That meets our shift threshold of 10 points; the zone did not change. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. The indicator has now spent 6 trading days in a row in this zone. Biggest component moves: “Yield spread over government bonds” at 64.4 versus 84.4 and “Price lag behind the market” at 57.0 versus 65.5. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 20, 2024: 67.4 out of 100, in the “High pressure” zone. The previous reading, on May 17, 2024, was 56.2: the indicator rose sharply by 11.2 points. That meets our shift threshold of 10 points; the zone did not change. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. The indicator has now spent 3 trading days in a row in this zone. Biggest component moves: “Yield spread over government bonds” at 75.8 versus 59.5 and “Price lag behind the market” at 59.0 versus 52.9. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 16, 2024: 58.5 out of 100, in the “High pressure” zone. The previous reading, on May 15, 2024, was 54.2 (“Moderate pressure”): the indicator rose by 4.3 points and crossed the 55 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. The indicator spent a single trading day in the “Moderate pressure” zone. Biggest component moves: “Yield spread over government bonds” at 65.5 versus 54.0 and “Price lag behind the market” at 51.6 versus 54.4. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 15, 2024: 54.2 out of 100, in the “Moderate pressure” zone. The previous reading, on May 14, 2024, was 60.3 (“High pressure”): the indicator fell by 6.1 points and crossed the 55 boundary. The “Moderate pressure” zone covers readings from 45 to 55: stress in the high-yield bond market is close to what is usual for its history. Before that the indicator had stayed in the “High pressure” zone for 8 trading days in a row. Biggest component moves: “Price lag behind the market” at 54.4 versus 60.9 and “Yield spread over government bonds” at 54.0 versus 59.6. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 14, 2024: 60.3 out of 100, in the “High pressure” zone. The previous reading, on May 13, 2024, was 73.6: the indicator fell sharply by 13.3 points. That meets our shift threshold of 10 points; the zone did not change. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. The indicator has now spent 8 trading days in a row in this zone. Biggest component moves: “Yield spread over government bonds” at 59.6 versus 79.4 and “Price lag behind the market” at 60.9 versus 67.9. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 8, 2024: 68.0 out of 100, in the “High pressure” zone. The previous reading, on May 7, 2024, was 56.9: the indicator rose sharply by 11.1 points. That meets our shift threshold of 10 points; the zone did not change. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. The indicator has now spent 5 trading days in a row in this zone. Biggest component moves: “Yield spread over government bonds” at 71.1 versus 52.5 and “Price lag behind the market” at 64.9 versus 61.3. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on May 2, 2024: 64.1 out of 100, in the “High pressure” zone. The previous reading, on April 30, 2024, was 76.5 (“Extreme pressure”): the indicator fell sharply by 12.4 points and crossed the 75 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. The indicator spent a single trading day in the “Extreme pressure” zone. Biggest component moves: “Yield spread over government bonds” at 61.9 versus 85.7 and “Price lag behind the market” at 66.4 versus 67.2. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on April 30, 2024: 76.5 out of 100, in the “Extreme pressure” zone. The previous reading, on April 29, 2024, was 64.2 (“High pressure”): the indicator rose sharply by 12.3 points and crossed the 75 boundary. The “Extreme pressure” zone covers readings from 75 to 100: stress in the high-yield bond market is close to the highest in its history. Before that the indicator had stayed in the “High pressure” zone for 3 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 85.7 versus 63.2 and “Price lag behind the market” at 67.2 versus 65.2. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on April 29, 2024: 64.2 out of 100, in the “High pressure” zone. The previous reading, on April 27, 2024, was 74.4: the indicator fell sharply by 10.2 points. That meets our shift threshold of 10 points; the zone did not change. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. The indicator has now spent 3 trading days in a row in this zone. Biggest component moves: “Yield spread over government bonds” at 63.2 versus 80.2 and “Price lag behind the market” at 65.2 versus 68.6. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on April 26, 2024: 70.8 out of 100, in the “High pressure” zone. The previous reading, on April 25, 2024, was 78.3 (“Extreme pressure”): the indicator fell by 7.5 points and crossed the 75 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. The indicator spent a single trading day in the “Extreme pressure” zone. Biggest component moves: “Yield spread over government bonds” at 73.5 versus 87.7 and “Price lag behind the market” at 68.1 versus 68.8. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on April 25, 2024: 78.3 out of 100, in the “Extreme pressure” zone. The previous reading, on April 24, 2024, was 70.6 (“High pressure”): the indicator rose by 7.7 points and crossed the 75 boundary. The “Extreme pressure” zone covers readings from 75 to 100: stress in the high-yield bond market is close to the highest in its history. Before that the indicator had stayed in the “High pressure” zone for 11 trading days in a row. Biggest component moves: “Yield spread over government bonds” at 87.7 versus 72.6 and “Price lag behind the market” at 68.8 versus 68.5. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on April 10, 2024: 58.6 out of 100, in the “High pressure” zone. The previous reading, on April 9, 2024, was 51.9 (“Moderate pressure”): the indicator rose by 6.7 points and crossed the 55 boundary. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. Before that the indicator had stayed in the “Moderate pressure” zone for 2 trading days in a row. Biggest component moves: “Price lag behind the market” at 56.7 versus 48.6 and “Yield spread over government bonds” at 60.5 versus 55.2. 2 of 3 components were available. This describes that date's reading; it is not a forecast.